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Minerals Income Investment Fund Act, 2018 (Act 978).

Country/Territory
Ghana
Document type
Legislation
Date
2018
Source
FAO, FAOLEX
Long title
An Act to establish a Fund to manage the equity interests of the Republic in mining companies, to receive mineral royalties and other related income due the Republic from mining operations, to provide for the management and investment of the assets of the Fund and for related matters.
Subject
Mineral resources
Keyword
Governance Minerals Offences/penalties Procedural matters Special fund
Geographical area
Africa, North Atlantic, Western Africa
Abstract

This Act establishes a Fund to manage the equity interests of the Republic in mining companies. The objects of the Fund are maximise the value of the income due the Republic from the mineral wealth of the country for the benefit of its citizens; monetise the minerals income accruing to the Republic in a beneficial, responsible, transparent, accountable and sustainable manner; and develop and implement measures to reduce the budgetary exposure of the Republic to minerals income fluctuations. The Act further lays out provision with regard to powers and functions of the Fund, the governing body, committees, and administrative and financial provisions. The Act provides for good corporate governance rules including transparency, auditing, annual reports, investment guidelines and codes of practice. Final provisions of the Act include stability and allocation agreements, security, and offences and penalties. The Act consists of 45 Articles.

Full text
English